Property & Casualty Exam Prep 12, Other Insurance and Subrogation

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The 'Other Insurance' clause prevents an insured from profiting from a loss by ensuring multiple policies share the cost proportionally. - Primary coverage pays first up to its limit, while excess coverage only pays after the primary policy's limits are completely exhausted. - Subrogation is the insurer's right to sue the at-fault party to recover the amount it paid for a claim, which prevents the insured from collecting twice for the same loss. - An insured has a duty to protect the insurer's subrogation rights and cannot waive them or otherwise impair recovery after a loss has occurred. - A 'Waiver of Subrogation' is a contractual agreement made before a loss that prevents the insurer from seeking recovery from a specific third party, commonly used in leases. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep